Surging for the second day in a row, the Bombay Stock Exchange benchmark Sensex closed higher by more than 250 points on Wednesday on brisk buying in blue-chip stocks, especially Reliance Industries and ICICI Bank, amid optimism of interest rate cuts by banks.
Broader National Stock Exchange index Nifty also advanced by 78.15 points at 2,849.50.
Brokers said buying pressure gathered momentum with market participants were seen covering their pending short positions ahead of derivative contract expiry tomorrow.
Interest-sensitive banking and realty sector stocks led the rally on speculation that banks might cut interest rates to boost growth.
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